FINANCIAL NEWS

India’s Jindal scraps $500m deal with UAE firm

16 May 2010

(MENAFN) Jindal Steel and Power’s, an Indian steel maker, said in a statement that it has ended talks with UAE-based Al Ghaith Holdings to buy its assets in Oman, the Press Trust of India (PTI) reported.

The $500m buy out was aborted due to issues over title ownership, the company said, adding that the talks were for the acquisition of Shadeed Iron and Steel (Shadeed), the 1.5 MT Hot Briquetted Iron (HBI) facility located in Sohar, Oman.

The PTI report added that ambiguity over a land title ownership issue, due to existing transactions with a British Virgin Islands company, was also an issue in the aborting of the talks.

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